Inflation and Uncertainty: Tests for Temporal Ordering
A Steven Holland
Journal of Money, Credit and Banking, 1995, vol. 27, issue 3, pages 827-37
For the postwar United States, increases in the rate of inflation tend to precede increases in the level of inflation uncertainty. The finding suggests that higher inflation uncertainty is part of the welfare cost of inflation. Possible explanations are (1) a high rate of inflation increases uncertainty about future monetary policy and (2) there is uncertainty about the persistence of inflation. Copyright 1995 by Ohio State University Press.
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